Rajesh deposit a certain amount in a bank which becomevthree times of itself in 16 years. Find the time required by the same amount to become four times of itself at the same rate of interest , if the interest not compounded.

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Solution

Let the sum of money (principal) be Rs. 100

∴ A.T.Q. -

Amount=3×principal

∴ Amount = 3×100

=Rs. 300

∵Interest(I) = (A)Amount-Principal(P)

∴ I = (300-100)Rs.

=Rs.200

and ∵ I = (P×R×T)/100

∴ 200 = (100×R×16)/100

⇒ 200 = (1600×R) /100

⇒ R = (200×100)/1600

⇒ R = 12.5%

In case 2 :

Amount = 4×principal

∴ A =( 4×100)Rs.

= Rs. 400

∵ I = A-P

∴ I = (400-100)Rs.

=Rs. 300

Time =?

Rate = 12.5 % p.a(per annum OR per year)

∵ Time = (Interset × 100)/P ×R

∴ Time = (300 × 100)/(100 ×12.5)

⇒ Time = 24 Years

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